Overview

ICBC provides a $30 million USD loan to US OCG to finance its purchase of a portfolio of three hotels in Indianapolis

Commitments (Constant USD, 2023)$31,139,625

Commitment Year•2019Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 15, 2019

Start (actual): Nov 15, 2019

End (actual): Nov 15, 2019

Geospatial footprint

Map overview

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This project was a loan to be used by the borrower to finance its purchase of a 497-room portfolio of three Marriott International-branded hotels consisting of the 315-room Marriott Indianapolis East located at 7202 East 21st Street, the 63-room Fairfield Inn & Suites Indianapolis East located at 7110 East 21st Street, and the 119-room Delta Indianapolis East located at 7304 East 21st Street, which share a parking lot, are anchored by 90,000 square feet of meeting space, and are located along Interstate 70 close to the downtown of eastern in Indianapolis, Indiana. More detailed locational information can be found at: https://www.openstreetmap.org/relation/12810528, https://www.openstreetmap.org/way/512647000, https://www.openstreetmap.org/way/512649058

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

7202 East (Indianapolis) Tanford LLC

Loan desecription

ICBC provides a $30 million USD loan to US OCG to finance its purchase of a portfolio of three hotels in Indianapolis

Interest type•Unknown

Narrative

Full Description

Project narrative

Circa November 15, 2019, the Industrial and Commercial Bank of China (ICBC) entered into a $30 million USD loan agreement with 7202 East (Indianapolis) Tanford LLC — a Delaware-incorporated special purpose vehicle (SPV) and subsidiary of US OCG Inc., a global investment firm based in Los Angeles, California and a wholly owned subsidiary of Chinese firm Esong Group Co. Ltd. — to finance its purchase of a portfolio of three hotels in Indianapolis, Indiana. The proceeds were to be used by the borrower to finance its purchase of a 497-room portfolio of three Marriott International-branded hotels consisting of the 315-room Marriott Indianapolis East located at 7202 East 21st Street, the 63-room Fairfield Inn & Suites Indianapolis East located at 7110 East 21st Street, and the 119-room Delta Indianapolis East located at 7304 East 21st Street, which share a parking lot, are anchored by 90,000 square feet of meeting space, and are located southwest of the intersection of Interstates 70 and 465 close to the downtown of eastern in Indianapolis, Indiana. The borrower purchased the portfolio from a joint venture by Shadeland Enterprises, LLC and Midwest Investments Associates, LLC for a consideration of $30.5 million USD, with the Marriott Indianapolis East purchased for $20.5 million USD, the Fairfield Inn & Suites Indianapolis East purchased for $3 million USD, and the Delta Indianapolis East bought for $7 million USD. The acquisition was completed on November 15, 2019.